The home sale procedure is elaborate enough to begin with. Real estate terminology can complicate it further, particularly if you are a first time buyer. In this article you will find a list of frequently used real estate terminology in Southern NH. This may help simplify the home buying and selling process.
Frequently Used Real Estate Terminology In Southern NH
A CMA is a report that compares your home to homes with similar features that recently sold in the same city. It usually details a price range based on the current economy.
Multiple Listing Service
MLS is an acronym for Multiple Listing Service. This is a system where members of the MLS submit listings. Different regions usually have separate MLS networks, and some states may have more than one. Non-real estate agents are not given direct access to this database but may receive listings from authorized parties.
Assessments are the valuation placed on properties by a local tax assessor and for the purpose of estimating real estate property taxes. Assessed amounts have no relation to the market value of a property.
Walk-thrus commonly occur immediately prior to settlement. It allows a buyer to take a final look at a property and to confirm that the condition has not altered from the previous time they inspected it.
Purchase and Sale Items
A contingency is a condition required for an individual to move forward with a home sale or purchase. For example, the ability to continue with a purchase may be based on the sale of their existing home. Other frequently used contingencies are for satisfactory inspection and ability to get a home loan commitment.
Earnest deposits refers to funds submitted by a buyer as part of a contract to purchase a property. It shows that a buyer is moving forward in good faith. Deposits are typically retained by the listing company for a seller and given back to a buyer at closing.
A closing is when paperwork is signed, funds are exchanged, and real estate legally transfers from the current owner to a new owner. Agreements must list a closing date and place.
More Real Estate Terminology
This article offers a list of frequently used real estate terminology in Southern NH and includes only some introductory terms. For more extensive real estate definitions and advice, contact Sharyn Kelley at 603-668-5757 or email@example.com.